(1) The Comptroller may, on application made in the prescribed manner and on payment of the prescribed fee, grant to any person who desires to operate on his or her own account a licensed duty-free shop on the approved premises, a licence (hereinafter referred to as a duty-free shop operator's licence) so to do.
(2) Any licence granted under this section may be granted on such terms and subject to such conditions as may be prescribed or as the Comptroller may in any case stipulate.
(3) Any licence granted under this section shall, unless previously cancelled under this Act, continue in force from the date of issue until the next succeeding 31 December, and may be renewed from year to year.